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◆ Starting level based on price sensitive investors ◆ Some French accounts less active ◆ Issuer has shorter duration needs than peers
◆ Pricing comes significantly through EU ◆ 'Surprising' French interest in book ◆ Fast money deterred by odd tenor
◆ Book one of the issuer’s largest ◆ ‘A good trade’ at 19bp over swaps ◆ Tight spread to Finnish govvies
◆ World Bank restarts supra dollar supply ◆ Issuer pushes pricing through recent supras ◆ 'Robust' market unfazed by tight spreads
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◆ Speculative interest anticipated ◆ Geopolitical tensions make little dent ◆ 15 year sweet spot for Dutch pension funds
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Promoters expect new MDB to get go-ahead this year
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EIB blows past 85% funded for full year ahead of summer
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EIB, already 80%-funded for the full-year, will bring another dollar deal on Tuesday
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◆ First dollar benchmark of 2025 ◆ Tight spread to US Treasuries like peers ◆ Large book supports 4bp tightening
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◆ Book was one of largest ever ◆ Good window, spotted ◆ Spread versus peer made sense